Investigations on the pyrolysis and potential flame retardancy imparted by solvent-free and semi-dry phosphorylation of different starches using sodium orthophosphates were conducted. The samples – low-substituted starch phosphates (SP) with degrees of substitution DSP < 0.5 - were subjected to differential scanning calorimetry, thermogravimetry coupled with evolved gas analysis and pyrolysis – gas chromatography – mass spectrometry. The data obtained as well as features of charring residues examined using microscopic and spectroscopic methods were related to structural aspects of SP – analysed by means of various spectroscopic techniques - and compared with those of native starches. It was found that charring and polyphosphate formation and the thermal resistance of the solid SP residues increased significantly if the DSP was at least 0.1. Accordingly, the exothermal decomposition, the temperature-induced loss of mass and the decomposition rates of SP decreased distinctly compared to native starch. The activation temperatures of SP and the formation of low-molecular pyrolysis products including aliphatic, cyclic, and aromatic aldehydes and ketones as well as anhydrosugars decreased markedly, even at DSP < 0.1. The results confirm the potential flame-retardancy of SP achieved by flame-inhibiting effects, despite low phosphorylation degrees, in both the gas and condensed phases.